The Canadian Mortgage and Housing Corporation (CMHC) wants to help you put a legal, rent-able suite in your home.
Looking at the possibility of home affordability being out of reach for some people. CMHC has initiated a Residential Rehabilitation Assistance Program (RRAP) which will pay for or help pay for renovations.
RRAP is available to home owners, private entrepreneurs or First Nations people who, adhering to local building and zoning bylaws, want to put a secondary or garden suite into their home or on their property.
The idea is to assist “a¯n the creation of affordable housing for low-income seniors and adults with a disability by providing financial assistance to convert or redevelop existing residential properties.”
Before you start your renovations, check with CMHC to see if you are eligible. If you meet the conditions of the program, you can receive a fully-forgivable loan—that’s right, fully-forgivable—which may be used to cover the costs. You can receive up to $24,000 per unit.
Call me for more details or go to the CMHC web site for information about the program.